Investing.com – The euro surged to hit a fresh 5-week high against the yen on Thursday, after the Spanish government successfully auctioned government debt and the country's borrowing costs declined.
EUR/JPY hit 112.12 during European morning trade, the pair's highest since August 11; the pair subsequently consolidated at 112.03 gaining 0.42%.
The pair was likely to find support at 107.79, Wednesday's low and resistance at 112.60, the high of August 11.
Earlier in the day, Spain auctioned the maximum amount of 10 and 30 year Treasury bonds, raising EUR 4 billion. Yield on 10-year bonds was 4.1% compared to 4.8% at a sale in June, while yield on 30-year bonds fell to 5.0% compared to 5.9% previously.
The euro was also up against the U.S. dollar, with EUR/USD gaining 0.55% to hit 1.3081.
On Wednesday, Eurogroup Chairman Jean-Claude Juncker said that Japan's intervention in currency markets to curb the yen's gains would have had more impact had they been coordinated with others.
EUR/JPY hit 112.12 during European morning trade, the pair's highest since August 11; the pair subsequently consolidated at 112.03 gaining 0.42%.
The pair was likely to find support at 107.79, Wednesday's low and resistance at 112.60, the high of August 11.
Earlier in the day, Spain auctioned the maximum amount of 10 and 30 year Treasury bonds, raising EUR 4 billion. Yield on 10-year bonds was 4.1% compared to 4.8% at a sale in June, while yield on 30-year bonds fell to 5.0% compared to 5.9% previously.
The euro was also up against the U.S. dollar, with EUR/USD gaining 0.55% to hit 1.3081.
On Wednesday, Eurogroup Chairman Jean-Claude Juncker said that Japan's intervention in currency markets to curb the yen's gains would have had more impact had they been coordinated with others.